Member Article

Experienced accountants continue to be valued by employers

Chartered accountants with over 20 years experience in the financial sector continue to be valued by their employers, who reward them more in pay packets.

The Institute of Chartered Accountants in England and Wales has published research which shows the highest level of salary growth is experienced by accountants with 20 or more years of experience.

The average basic salary for Chartered Accountants in 2012 was £92,100 compared to an average of £82,400 in 2010/11.

It is a difference further highlighted in corresponding bonuses, as over the last 12 months these increased to an average of £21,200 from £17,400 in 2010/11.

Amanda Digne-Malcolm, Director, Members’ Department, ICAEW said: “The research clearly demonstrates the very real business value these people have played over the past year, in what has been an undoubtedly challenging commercial environment.

“This year’s research shows that we are also beginning to see the emergence of a new breed of Chartered Accountant able to play a more significant role in influencing business decisions both nationally and internationally.

“Hardly surprising then that over the past year, we have seen more Chartered Accountants in business leadership positions, as they can combine general accounting skills with strategic leadership qualities.”

The research also indicated salaries vary considerably across sectors, as those working in banking and capital markets remain the highest earners, with an average basic salary of £111,700.

However, the growth rate of their salaries since 2010 is outstripped by most other sectors. Those working in the insurance sector and the banking and capital markets, along with those in the energy, water, mining and utilities sector, are most likely to have received a bonus in the past 12 months.

Regional pay differences show that London’s chartered accountants earn far more than their contemporaries in other regions, with average salaries of £101,400 plus bonuses.

Other high-earning regions included East of England, with £87,600 plus bonus, and the South East, with £80,300 plus bonus.

Those working overseas earn higher than average salaries and bonuses in comparison: the Middle-East commanded the highest average earnings ahead of the Americas, Europe and Asia-Pacific.
Stephen Stott, Chief Executive of Stott and May Professional Search, commented: “The results of this year’s survey are pretty conclusive and show a very encouraging 12 per cent increase in average salaries since November 2010 for ICAEW Chartered Accountants.

“Throughout last year, there was strong evidence to suggest that firms of all sizes are beginning to realise the true value of skilled finance professionals.

“Significantly the increasing technical complexities of accounting, reporting and compliance, means that the professional accounting qualification is proving more valuable than ever.”

This was posted in Bdaily's Members' News section by Tom Keighley .